Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or
Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act. ☐

(e) Targa Resources Corp. 2019 Annual Incentive
Compensation Plan. On January 17, 2019, the Compensation Committee (the Committee) of the Board of Directors of Targa Resources Corp. (the Company), which is the indirect parent of the general
partner of Targa Resources Partners LP (the Partnership), approved the Companys 2019 Annual Incentive Compensation Plan (the Bonus Plan). The Bonus Plan is a discretionary annual cash bonus plan available
to all of the Companys employees, including its executive officers, who also serve as executive officers of the Partnerships general partner. The purpose of the Bonus Plan is to reward employees for contributions toward the
Companys business priorities (including business priorities with respect to the Partnership) approved by the Committee and to aid the Company in retaining and motivating employees. Under the Bonus Plan, the level of funding of the
discretionary cash bonus pool is based on the Companys achievement of certain business priorities, including strategic, financial and operational objectives.

The Committee has established the following eight key business priorities for 2019:



execute on all business dimensions, including the 2019 business plan and public guidance,

The Committee has targeted a total cash bonus pool for
achievement of the business priorities based on the sum of individual employee market-based target bonus opportunities, which are based on a percentage of each employees eligible earnings. Generally, eligible earnings are an employees
base salary and overtime pay. Near or following the end of the year, the Chief Executive Officer (CEO) recommends to the Committee the total amount of cash to be allocated to the bonus pool based upon overall performance of the
Company relative to the established objectives, generally ranging from 0 to 2x the aggregate target bonus opportunities for all employees in the pool. Upon receipt of the CEOs recommendation, the Committee, in its sole discretion, determines
the total amount of cash to be allocated to the bonus pool. The Committee has discretion to adjust the cash bonus pool attributable to the achievement of business priorities based on accomplishment of the applicable objectives as determined by the
Committee and the CEO. Additionally, the Committee, in its sole discretion, determines the amount of the cash bonus award to each of the Companys executive officers, including the CEO. The executive officers determine the amount of the cash
bonus pool to be allocated to the Companys departments, groups and employees (other than the executive officers of the Company) based on performance and upon the recommendation of their supervisors, managers and line officers. A copy of the
Bonus Plan is filed as Exhibit 10.1 to this Form 8-K and incorporated herein by reference.

On January 17, 2019, the Compensation Committee (the Committee) of the Board of Directors of Targa Resources Corp.
(the Company), the indirect parent of the general partner of Targa Resources Partners LP (the Partnership), approved the Companys 2019 Annual Incentive Compensation Plan (the Bonus
Plan). The Bonus Plan is a discretionary annual cash bonus plan available to all of the Companys employees, including its executive officers, who also serve as officers of the Partnerships general partner. The purpose of the
Bonus Plan is to reward employees for contributions toward the Companys business priorities (including business priorities with respect to the Partnership) approved by the Committee and to aid the Company in retaining and motivating employees.
Under the Bonus Plan, the level of funding of the discretionary cash bonus pool is based on the Companys achievement of certain business priorities, including strategic, financial and operational objectives.

The Committee has established the following eight key business priorities for 2019:



execute
on all business dimensions, including the 2019 business plan and public guidance,

The Committee has targeted a total cash bonus pool for
achievement of the business priorities based on the sum of individual employee market-based target bonus opportunities, which are based on a percentage of each employees eligible earnings. Generally, eligible earnings are an employees
base salary and overtime pay. Near or following the end of the year, the Chief Executive Officer (CEO) recommends to the Committee the total amount of cash to be allocated to the bonus pool based upon overall performance of the
Company relative to the established objectives, generally ranging from 0 to 2x the aggregate target bonus opportunities for all employees in the pool. Upon receipt of the CEOs recommendation, the Committee, in its sole discretion, determines
the total amount of cash to be allocated to the bonus pool. The Committee has discretion to adjust the cash bonus pool attributable to the business priorities based on accomplishment of the applicable objectives as determined by the Committee and
the CEO. Additionally, the Committee, in its sole discretion, determines the amount of the cash bonus awards to each of the Companys executive officers, including the CEO. The executive officers determine the amount of the cash bonus pool to
be allocated to the Companys departments, groups and employees (other than the executive officers of the Company) based on performance and upon the recommendation of supervisors, managers and line officers.